The 2013 Budget Of Ghana

Topics: Macroeconomics, Public finance, Peak oil Pages: 71 (16630 words) Published: December 2, 2013
Theme: ―Sustaining Confidence in the Future of the Ghanaian Economy‖

REPUBLIC OF GHANA

BUDGET SPEECH

BUDGET STATEMENT AND ECONOMIC POLICY

of the
GOVERNMENT OF GHANA

for the

2013 FINANCIAL YEAR
Parliament
On
th
Tuesday, 5 March, 2013
PRESENTED TO

SETH E. TERKPER
Minister for Finance
On the Authority
Of the

H.E PRESIDENT JOHN D. MAHAMA
1

Theme: ―Sustaining Confidence in the Future of the Ghanaian Economy‖

INTRODUCTION
1.

Mr. Speaker, I beg to move that this august House approves the Financial Policy of the Government for the year ending 31st
December, 2013.

2.

Mr. Speaker, my presence in the House today is to present to you, for the first time in my capacity as Minister for Finance, and on the authority of His Excellency, John Dramani Mahama, the recently elected President of the Republic of Ghana, the full-year Budget Statement and Economic Policy for 2013. This is in accordance with Article 179 of the 1992 Constitution.

3.

Mr. Speaker, this presentation is an abridged version of the 2013 Budget Statement. I would like to request the Hansard Department to capture the entire Budget Statement and Economic Policy.

4.

In October 2012, my predecessor, Honourable Dr. Kwabena Duffuor, appeared before this august House to lay the Expenditure in Advance of Appropriation for the first quarter of 2013. This was in accordance with Article 180 of the 1992 Constitution. Those Estimates were also the first allocation of resources to Ministries, Departments and Agencies (MDAs) to be presented on behalf of His Excellency President John Dramani Mahama. This was shortly after he was sworn-in to complete the term of our beloved late President, His Excellency Professor John Evans Atta Mills. The approval of those Estimates by this House has made it possible for government business to continue uninterrupted.

5.

Mr. Speaker, from January 2009 to December 2012, the NDC
government implemented cogent policies and programmes and
pursued activities that were based on the strategic goals of the Ghana Shared Growth and Development Agenda (GSGDA) policy document which was approved by this august House.

6.

As stated by His Excellency John Mahama in the State of the Nation address, the vision and commitment of government over the medium term is to build a prosperous and equitable society in pursuance of the common and cherished goal of ―Advancing the Better Ghana Agenda‖ for all. This vision is anchored on the commitment to Putting People 2

Theme: ―Sustaining Confidence in the Future of the Ghanaian Economy‖ First; A Strong and Resilient Economy; Expanding Infrastructure; and Transparent and Accountable Governance.
7.

Mr. Speaker, we have achieved macroeconomic stability and growth on the basis of strong real and external sector performance, including low rates of inflation and the build-up of substantial foreign exchange reserves. We have achieved these goals against the backdrop of the global financial crisis; we have also acted decisively to implement policies that address the challenges that occasionally confront our forward march.

8.

Mr. Speaker, as we are all aware, the global economy remained fragile in 2012 following four years of weak and uneven recovery notably the persistent Euro-zone debt crises and the uncertainty surrounding the fiscal issues in the United States. Therefore, Ghana’s 2012 provisional growth rate of 7.1 percent is still high given that it is on top of the growth rate of 14.4 percent recorded in 2011 when the GDP first reflected the impact of crude oil production in commercial quantities. Moreover, the 2012 provisional growth rate compares favourably with the global growth of 3.2 percent and sub-Saharan Africa growth of 4.8 percent. [According to the IMF’s World Economic Outlook (Jan 23, 2013)].

9.

Mr. Speaker, in contrast with the gloomy global picture, Ghana recorded relative economic stability and appreciable growth rates. Gross...
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